Question 1

How does a public good differ from a quasi-public good? In your answer give an example of each type of good.

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Question 2

"When it comes to public goods, individuals do not reveal their true preferences because it is not in their self-interest to do so." Evaluate this statement.

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Question 3

Explain how the decision by parents to not immunize their children, hoping that their children will not get sick because other parents have had their children immunized, is an example of free riding. How is this behavior dangerous to the public?

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Question 4

State whether each of the following goods and services is nonrival, nonexcludable or both:
a. A toll road
b. A public park
c. A lighthouse
d. An art museum
e. A radio broadcast of "A Prairie Home Companion"

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Question 5

Define the tragedy of the commons. Give three examples of common resources. Briefly explain why common property resources are subject to overuse.

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Question 6

Determine if each of the products below displays any of the following characteristics:
(i) rivalry
(ii) nonrivalry
(iii) excludability
(iv) nonexcludability.
a. a freeway during peak commute hours
b. an online college course
c. infectious disease prevention
d. open source software such as Linux
e. a movie showing at Century Theatres

Accepted Answer

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Quiz 5: Externalities, Environmental Policy, and Public Goods

How does a public good differ from a quasi-public good? In your answer give an example of each type of good.

"When it comes to public goods, individuals do not reveal their true preferences because it is not in their self-interest to do so." Evaluate this statement.

Explain how the decision by parents to not immunize their children, hoping that their children will not get sick because other parents have had their children immunized, is an example of free riding. How is this behavior dangerous to the public?

State whether each of the following goods and services is nonrival, nonexcludable or both: a. A toll road b. A public park c. A lighthouse d. An art museum e. A radio broadcast of "A Prairie Home Companion"

Define the tragedy of the commons. Give three examples of common resources. Briefly explain why common property resources are subject to overuse.